The Impact of Green Credit Policy on Carbon Emissions

Abstract

Under the background of China’s “double carbon” target, green credit policy is an important economic means to protect the environment and promote energy conservation and emission reduction. It is of great significance to study the impact of green credit policy on carbon emissions. Based on the sample of A-share listed non-financial enterprises from 2009 to 2023, this paper examines the impact of green credit policy on carbon emissions by using China’s 2012 “Green Credit Guidelines” as a quasi-natural experiment. Heterogeneity analysis shows that the policy has a more significant inhibitory effect on carbon emissions of low ESG enterprises and non-digital enterprises. This study provides reference and theoretical support for relevant institutions to scientifically formulate and implement green credit policies.